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How to secure your finances from fraud and scams

Posted: 10:41 PM, Dec 20, 2019
Updated: 2019-12-20 22:41:08-05

Saving, budgeting, and planning are all important components of financial security. However, we often forget financial security not only applies to how we manage our money, but also what we do to protect it.

MSUFCU Chief Marketing Officer Deidre Davis came by to discuss ways to reduce the chances of fraud and how to be prepared to take the appropriate actions in the event it does occur.

What types of fraud are most prevalent when it comes to financial accounts?

When it comes to your financial accounts, the most prevalent types of fraud are identity theft, online scams, and phishing.

  • Identity theft is the use of another person's personal information, credit history or other identifying characteristics to make purchases or borrow money without his or her permission.
  • Online scams involve online communications where someone uses deception to get you to provide confidential information so the fraudster can access your finances.
  • Phishing is an attempt to obtain sensitive information, such as user names, passwords, and account details, by posing as a reputable company via email, text message, phone call, or social media.

Q: How can you protect your accounts from fraud?

There are many ways to protect your accounts. You can:

  • Report lost or stolen checks and debit or credit cards immediately
  • Monitor your transactions online regularly
  • Report suspicious charges promptly to your financial institution
  • Create passwords and PINs with long, nonsense phrases using numbers, symbols, and upper and lowercase letters
  • Only interact with websites you know and trust to avoid possible online scams

How can MSUFCU help?

MSUFCU has many ways to help members protect their accounts. These include:

  • Mobile app for 24/7 monitoring, secure bill payment, and money transfers
  • Two-factor verification
  • Card Lock that allows you to lock or unlock your debit or credit cards
  • Mobile location confirmation
  • eAlerts
  • Travel notes and more

For more information or to find a location near you, visit msufcu.org .